The cryptocurrency community has declared the Friend.tech DeSo protocol “dead” after a significant drop in user activity and trading volume.
Friend.tech is experiencing a significant drop in all key metrics. Specifically, in comparison to peak performance:
- trading volume has fallen by more than 90%;
- daily transactions are down nearly 90%;
- fund inflows are down over 90%;
- the number of active users has decreased by 79%.
The statistics are based on data from DefiLlama and Dune Analytics services. Representatives of the crypto community comment on the data of on-chain metrics laconically — “RIP Friend.tech.” Lisandro Rodriguez, Risk Manager at Coinbase, shared the opinion that the platform is dead because of greed and poor execution and also points to the elements of a pyramid scheme and the implementation of Pump & Dump by the platform’s users.
The fall of Friend.tech’s key indicators occurred less than three weeks after the launch of the project and its sharp rise. However, users last week drew attention to some dubious features, creating an opportunity for insider trading and artificial growth of indicators.
